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The Role of Central Banks in Macro-prudential Supervision(PDF)

《南京师大学报》(社会科学版)[ISSN:1006-6977/CN:61-1281/TN]

Issue:
2016年04期
Page:
86-
Research Field:
【经济学研究】
Publishing date:

Info

Title:
The Role of Central Banks in Macro-prudential Supervision
Author(s):
YU ZhenZHANG Xin
Keywords:
central banksmonetary policymacro-prudential supervisionpolicy coordinationleadingparticipant
PACS:
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DOI:
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Abstract:
Since the 1980 s,especially after Asian financial crisis in 1970,traditional finance supervisiontheory and practice have been seriously discredited. Scholars and policy-makers around the world haverecognized that macro-prudential supervision is a more effective tool to prevent and defuse financial riskscompared to the traditional micro-prudential supervision. The key to successful macro-prudential supervisionin practice is to decide who should play the leading role in making the supervision. Currently the roles playedby the central banks vary from country to country,but they are all very important. Though each has its ownstrength and weakness,the central banks usually serve as the policy makers,leaders or key participants inmacro-prudential supervision. Proceeding from the perspectives of macro-prudential supervision policy andcoordinated monetary policy,this paper,based on an analysis of the dialectical relationship between thesetwo kinds of policies and the lessons drawn from the practices of other countries,is intended to examine thefeasibility of and possible difficulties in macro-prudential supervision faced by People’s Bank of China which isexpected to play a leading role in making and implementing the macro-prudential supervision policy.

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Last Update: 2016-07-15